GARNER, Iowa (Nov. 13, 2000)—Iowa Mold Tool Co., a manufacturer of tire service trucks and material handling equipment used for construction and other industrial applications, has been sold.
It was purchased by for $32.2 million by American Capital Strategies Ltd. from the Intermet Corp., a Troy, Mich.-based supplier of powertrain, chassis and other original equipment parts to automotive manufacturers.
American Capital Strategies is an equity partner specializing in management and employee buyouts. Other equity capital was provided by Mobile Tool International, an American Capital portfolio company, as well as members of IMT´s senior management team, the company said.
IMT President Richard Long said American Capital´s ownership will provide the 39-year-old Garner-based equipment maker with``the platform we have needed to accelerate our growth, both organically and through acquisitions."
Although American Capital will have majority control of IMT, the company´s present management team has made a substantial investment in its future and will continue to lead it, Mr. Long said